Investments in associates and joint ventures (Tables)

12 Months Ended

Jun. 30, 2026

(a) An analysis of the movement in the group’s investments in associates and

joint ventures is as follows:


	Moët Hennessy $ million	Others $ million	Total $ million
Cost less provisions
At 30 June 2024	4,608	424	5,032
Exchange differences	470	19	489
Additions	—	109	109
Share of profit/(loss) after tax	219	(26)	193
Step acquisition	—	(30)	(30)
Dividends	(169)	(6)	(175)
Share of movements in other comprehensive income and equity	21	—	21
Impairment charged during the year	—	(308)	(308)
Transfer from other investments	—	3	3
At 30 June 2025	5,149	185	5,334
Exchange differences	(159)	(6)	(165)
Additions	—	46	46
Share of profit/(loss) after tax	227	(9)	218
Dividends	(108)	(8)	(116)
Share of movements in other comprehensive income and equity	(2)	—	(2)
Impairment charged during the year	—	(29)	(29)
Transfer to other investments	—	(2)	(2)
At 30 June 2026	5,107	177	5,284

Investment in associates includes loans given to and preference shares invested

in associates of $32 million (2025 – $37 million)

Income statement information for the three years ended 30 June 2026 and

balance sheet information as at 30 June 2026 and 30 June 2025 of Moët

Hennessy are as follows:

Including acquisition fair value adjustments principally in respect of Moët

Hennessy’s brands and translated at $1 = €0.88 (2025 – $1 = €0.85).